Today, the feds don’t need to outlaw gold. It is regarded as “just another asset,” like Van Gogh paintings or ’66 Corvettes. Few people own it. Few people care – not even the feds. They are unlikely to pay much attention to it – at least, for now.
LONDON, England – “Cash is king.” So sayeth the Wall Street Journal, reporting on the situation in Greece. The use of cash for everyday transactions has increased 44% in the last two months. A brief update: The Greeks spoke on Sunday. “No,” they said. “We don’t want the government-spending cuts our creditors are demanding.” Then […]
“Greeks Line Up at Banks; ATMs Run Dry” was the headline over at the Drudge Report. Versions of it ran throughout the financial media. Greece is the canary in the coal mine for what could one day happen to your savings.
What we use as money today is mostly credit. It exists as zeros and ones in electronic bank accounts. We never see it. Touch it. Feel it. Count it out. Or lose it behind seat cushions. Banks profit – handsomely – by creating this credit. And as long as banks have sufficient capital, they are happy to create as much credit as we are willing to pay for.
Today, we have bad news and good news. The good news is that there will be no 25-year recession. Nor will there be a depression that will last the rest of our lifetimes. The bad news: It will be much worse than that. Recently, the Dow rose another 43 points. Gold seems to be working […]
China is quietly accumulating massive amounts of gold and building alternative financial institutions such as the Asia Infrastructure Investment Bank, AIIB, and the BRICS-sponsored New Development Bank, NDB.
Average hourly wages have barely budged in the last 30 years. And average household incomes have fallen – from $57,000 to $52,000 – in the 21st century.
Yesterday’s good news was that there will be no 25-year recession. “We should be so lucky,” is the way a New Yorker might react. Because the bad news is much worse. The logic of the “long depression” is simple. Aging populations, debt, zombification – all of which slow growth. How many old people and zombies […]
Let’s return to the examination of why the 21st century has been such a dud so far. Here’s a simple answer: $75,000 a Year From Uncle Sam!
The deadly 9-11 attacks immediately sliced a massive $640 billion from the US stock markets. But the costs didn’t end there. Bin Laden may be dead, but his ghost lives on, haunting America into bankruptcy. Here’s the rest of the shocking story: